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“While significant progress has been made on the Skerries project, it is not now expected that the project delivery milestones required by the MEAD fund can be achieved in the necessary timescale,” MCT said in a statement.

MEAD-funded projects were required to start generating electricity to the grid by 31 March 2016.

MCT said it remains “committed to the Skerries project” and will continue to work with DECC and other key stakeholders to deliver the array of five SeaGen S turbines off Anglesey.

A DECC spokesperson said: “After careful consideration and discussion with MCT Siemens management, we have taken the prudent decision to retract the funding and use it elsewhere within our innovation programme.”

DECC said MCT is considering other sources of state funding “and we will offer support towards these efforts where appropriate.”

Image: the Skerries scheme was designed around MCT's SeaGen technology (Siemens)